Reading time – 4 minutes.
The Shiba Inu cryptocurrency reminded of itself again, having jumped more than 30% in a day. The main impetus for the resumption of the rally was the listing of the “meme” altcoin on the American Kraken exchange. Trading in a pair with the dollar and the euro started today.
Interesting events are taking place with Bitcoin: the exchange balance of BTC has been decreasing for seven days. The updated data of the CryptoQuant platform will help us to understand the reasons and form a model for the further behavior of the first cryptocurrency.
Meanwhile, the largest states of the East are beginning to formulate positions in relation to digital assets. Thus, the Bank of Indonesia saw in the CBDC a tool for combating decentralized cryptocurrencies. India is no less harsh about digital assets, but so far it does not plan to introduce a total ban on advertising crypto investments.
“Mem” is going up the hill!
Last night, the American cryptocurrency exchange Kraken announced the listing of the popular Shiba Inu (SHIB) token. Trading started today, but deposits could be made as early as Monday.
The minimum amount for placement is 373,000 SHIB ($ 16). The minimum trading volume is 50,000 tokens (up to $ 2). At the moment, futures and margin trading is not available. So far, all transactions can be made in tandem with the dollar and the euro, according to the Kraken blog.
SHIB reacted to this listing with explosive growth. In 24 hours, the coin soared by 32% – up to $ 0.00005136, and its capitalization increased to $ 28.687 billion. Today, the token can bypass the main “meme” competitor in the table of ranks – Dogecoin (its capitalization is $ 29.47 billion). According to Kraken Australia top manager Jonathan Miller, traders are showing great interest in SHIB.
Many users of the exchange have repeatedly called for the launch of trading in this cryptocurrency. Now the platform expects to increase traffic by activating Shiba-hodlers.
Curiously, at the beginning of November, another popular platform – Robinhood – ruled out the possibility of working with SHIB. The company explained that it fears problems with regulators in the event of a token listing.
Bitcoin leaves exchanges
The first cryptocurrency broke above $ 58,000 on Monday, but the coin lacks support to firmly consolidate at higher values. BTC is trading at $ 58,215 tonight with a capitalization of over $ 1.099 trillion.
For seven days now, investors have been actively withdrawing coins from exchanges. According to CryptoQuant, the outflow exceeds the inflow: at least 1,500 BTC left the trading platforms every day.
In the long term, the current trend signals a positive, as the withdrawal of Bitcoin from exchanges eases the pressure from sellers. It is noteworthy that traders also send other digital currencies for cold storage.
ViewBase data confirms CryptoQuant’s findings. Now the exchanges offer 6.2% and 12.4% of the total market supply of bitcoin and ether.
Indonesia bets on CBDC
The growing influence of decentralized cryptocurrencies has long worried many central banks. This is partly why they are developing alternatives – national digital currencies (CBDCs) pegged to fiat currencies. With their help, regulators expect to squeeze bitcoin and other coins out of the market.
If the Central Bank will competently use tokens and develop infrastructure, they will be able to minimize the impact of bitcoin, says Judah Agung, assistant to the head of the Bank of Indonesia. From a practical point of view, CBDC will be safer than cryptocurrencies.
The Bank of Indonesia also wants to release its token: this initiative was announced by the Central Bank back in May. Note that any operations with cryptocurrencies are prohibited in the country. In addition, religious leaders urged Muslims not to buy digital assets due to the lack of control over them. The Spiritual Council even issued a fatwa – a ban – with appropriate recommendations.
India continues to spin the intrigue
India has become another state showing a negative attitude towards decentralized cryptocurrencies. But the authorities do not plan to prohibit advertising of investments in digital assets yet, said the head of the Ministry of Finance Nirmala Sitkharaman.
According to her, by the end of the winter session, the government will submit a draft law on the regulation of the cryptocurrency industry to parliament for consideration. This document is based on the provisions developed in 2019 by the drafters of the expert recommendations.
The official did not disclose details, but urged to wait for the publication of the bill. In parallel, work is underway to create a government token (CBDC).
Sources: Coindesk, CoinMarketCap, Kraken, CoinTelegraph, NewsBTC, ViewBase, CryptoQuant
If you find an error, please select a piece of text and press Ctrl + Enter.
